USA: Sales Dip 7.1 Per Cent At Factory 2-U Stores

Off-price retailer Factory 2-U Stores Inc said sales for the 13 weeks ended 4 May 2002 fell 7.1 per cent to $117.0 million, against $125.8 million in the same period last year. Comparable store sales for the period decreased 11.8 per cent versus a decrease of 6.3 per cent for the same period last year. The company reported a net loss of $3.1 million, or $0.24 per share in the first quarter, compared to a net loss of $1.4 million, or $0.11 per share for the same period last year.

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